Middle East’s Wealth To Reach $6.5 Trillion By 2017

Boston Consulting Group (BCG) conducted a study showing that Middle East’s strong economy and rising equity markets increased regional growth. It has been noted on the study that if the invigorative activities continues, the region will reach $6.5 trillion worth of assets by 2017. The affirmative report says that Middle Eastern investors are calmly investing domestically taking the consideration that there is a high percentage of assets held off-shore. According to the Managing Partner and Director of BCG Mr. Markus Massi, riches from equities in 2012 cultivate 18.3 % in the region. This data is a result of BCG’s survey. Also in the recent years, international wealth executives congregate in the region. They were attracted with the reasonably higher economic growth situation as there is rising in the population and elevation of stocks of energy and commodity. But Massi added that only those offering unique investment products and catering to specific asset classes are gaining traction among Middle Eastern investors. Large private banks are started to compete each other in the region while Royal Bank of Canada expects to double the number of wealth management employees in its Dubai office. The report said, Gulf Arab region’s high net worth individuals continue to allocate heavily on cash and prefer regional stock. Qatar leads the global list having the highest percentage of millionaire households whereas a ratio of 143 millionaires every 1,000 households showed in the study, making the Gulf region ranked highly among other countries.